AS PRESIDENT OF FENWICK SECURITIES, INC, I WANTED TO LET YOU KNOW I AM NOT IN FAVOR OF THE PROPOSED CHANGES CONCERNING THE MERGER OF THE SEC AND NASD. I AM CONVINCED SMALL FIRMS LIKE MINE WILL BE AT A DISTINCT DISADVANTAGE AND MY VOTING RIGHTS WILL BE USURPED. I URGE YOU TO MAKE THIS AN EQUITABLE ARRANGEMENT FOR ALL PARTIES THAT MAY BE EFFECTED.